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Transcript 16134

Interview with Chris Bath, Special Report on the Economy, Channel 7

Photo of Rudd, Kevin

Rudd, Kevin

Period of Service: 03/12/2007 to 24/06/2010

More information about Rudd, Kevin on The National Archive website.

Release Date: 21/09/2008

Release Type: Interview

Transcript ID: 16134

BATH: Mr Rudd thank you. Firstly are the savings of Australians safe?

PM: The Australian Prudential and Regulatory Authority is the regulator of all Australian financial institutions, meaning deposit taking institutions, banks as well as the insurance companies as well. Their advice is to the Government that our institutions are well regulated, they are well capitalised and they are profitable.

BATH: But Australians are watching what's going on in the US Prime Minister, and with all due respect they are watching the American Government bailout US banks and I guess they are wondering if the Australian Government would do the same for our banks?

PM: Well can I say the circumstances in the United States are vastly different to those in Australia...

BATH: But we are not immune from what's happening in the US.

PM: The Governor of the Reserve Bank made that absolutely clear in a statement only in the last week or so, of course we are not immune to what's going on in international financial markets. At the same time we should be absolutely clear cut about the different quality of the institutions we have in this country.

BATH: You are going to New York this week, what will that achieve? Shouldn't you be here looking after the shop?

PM: By definition a global financial crisis requires a global response and that means if you have got more than 100 heads of Government in New York for three days which is what will happen, the number one topic for debate among heads of Government will be the content of a further global response to the global financial crisis.

That's a principle reason why I am in New York and I believe it's my responsibility to do so.

BATH: Mr Rudd thanks for your time this evening.

PM: Good to be with you.

Transcript 16134